Cashaa, a banking platform, has launched in India in order to get a piece of the rising bitcoin market share. Personal bank account facilities for the very same will be available by mid-August, according to the company.
“We planned to release it during Independence week as a symbol of the freedom of money. We will start issuing cards to account holders by the end of this year,” Cashaa stated in a news release.
Unicas, a joint effort involving Cashaa and United, bills itself as the “world’s first cryptocurrency financial institution with physical locations,” formed to “satisfy regulatory requirements” in India.
According to the company, it wants to introduce personal account services in India, encompassing savings accounts both Indian Rupees and cryptocurrencies, loans for bitcoin purchases, financing against cryptocurrency, as well as card services. After the Reserve Bank of India (RBIban )’s on cryptocurrency was overturned by the Supreme Court last year, private and public sector Indian banks have recommended their clients against utilizing their facilities to deal in cryptocurrencies.
“Recently, Indian banks appear to be cracking down on crypto and exchanges even though India hasn’t formally banned cryptocurrencies. Indian crypto exchanges are struggling to keep fiat coming in as banks are halting transfers to crypto-related accounts. As a result, these exchanges are now turning to Cashaa to maintain their fiat services,” Cashaa explained.
Cashaa’s Chairman of Advisory Board Kumar Gaurav responded to The Indian Express’s question about whether the organization had requested approval from the RBI, saying that United works as a multi-state functional economy and hence does not require the central bank’s license for such a concept.
“As we give services to members only, we do not need the RBI’s permission for this model. United is also a member of the National Federation of Urban Co-operative Banks and Credit Societies Ltd (NAFCUB) vide membership No. 1753 and certified with ISO 9001:2008 for Quality Management Systems,” according to Gaurav.